The COVID-19 pandemic has changed the world and many families’ plans for the future. Given the present uncertainty, it’s smart for families to take another look at their estate plan (or create one altogether) to ensure it includes provisions for the effects of the pandemic.
What Should You Include in an Estate Plan?
A well-executed estate plan will allocate your assets and provide for your loved ones if you pass away or become incapacitated. To ensure everything is accounted for, it’s in your best interest to work with an experienced attorney on the drafting of your estate plan. This reduces the chances that your family will have to go through long, painful probate.
A good estate plan includes the following:
- Last will and testament. This is the most important part of any estate plan, as it will allocate your assets to loved ones upon your passing. If you do not have a will, your assets may be distributed according to your state’s intestate laws.
- Durable power of attorney. Appointing a durable power of attorney gives someone else the authority to handle your affairs, including your financial matters.
- Healthcare proxy. Appointing a health care proxy gives someone else the authority to make decisions regarding your medical treatment and end-of-life care.
During the uncertain times of COVID-19, an effective estate plan can help your family move forward after your passing without undergoing taxing legal proceedings. Such matters may be even more complex right now given social distancing measures and the pausing of many court proceedings.
If you want to create or change an estate plan, our Utah attorneys are here to help. Our team will work to ensure your estate plan is fit for your family’s unique needs.
Call Pearson Butler at (800) 265-2314 to schedule a consultation.